Navigation Links
Life Sciences Discovery Fund to support drug discovery, foster new R&D initiative

SEATTLE, Washington, October 25, 2010 The Life Sciences Discovery Fund (LSDF) today announced a $5 million grant to Seattle-based Omeros Corporation (NASDAQ: OMER) to discover, develop, and commercialize new drugs to treat a variety of major diseases. With successful generation of proceeds through partnering and the sales of drugs in the marketplace, an additional outcome of the grant would be establishment of a new non-profit initiative to advance the life sciences sector and improve health and economic growth in Washington state.

The Omeros team, led by Gregory Demopulos, M.D., will apply a proprietary screening technology to identify compounds that interact with orphan G protein-coupled receptors (GPCRs). GPCRs are a family of proteins that are involved in many biological processes, with 30 to 40% of current drugs having their effect by binding to these targets. Of the 363 total non-sensory GPCRs, approximately 240 have known ligands (molecules that bind the receptors), with nearly half of those targeted either by marketed drugs or by drugs in development. Without a known ligand, drug development for a given receptor is extremely difficult. There are approximately 120 GPCRs with no known ligands, which are termed "orphan GPCRs." Omeros' GPCR platform technology could result in new therapeutics to treat conditions as diverse as cancer, obesity, and neurological disorders.

This award is the second made through LSDF's Opportunity grant mechanism. Opportunity grants support extraordinary initiatives outside of LSDF's annual competition cycles that have the potential to advance research or research infrastructure within Washington's life sciences sector. Funded "opportunities" also demonstrate strong potential for both health and economic impact and significantly leverage LSDF funding.

In the event that the Omeros GPCR program achieves commercial success, a portion of the resulting proceeds payable under the grant award agreement will be used to fund a non-profit organization to enhance the competitiveness of Washington's life sciences sector, improve health and healthcare across the state and beyond, and provide statewide economic returns. This new life sciences initiative, with a mission complementary to LSDF's, would have close working relationships with LSDF and other entities focused on promoting the life sciences in Washington. Omeros, at its discretion, can contribute additional funding to the initiative by re-directing a portion of the proceeds otherwise owed to Vulcan, Inc., which has invested in Omeros' GPCR platform.

According to Lura Powell, chair of the LSDF Board of Trustees, "The allocation of a portion of the fruits of Omeros GPCR commercial successes toward a public purpose in Washington state was an important factor in making the grant."

As currently anticipated, the life sciences initiative will take the form of a new non-profit entity that is expected to make grants to non-profit life science entities in Washington state to both support cutting-edge research and accelerate the translation of such research to public benefit. The organization could also provide investment capital for Washington-based, early-stage companies seeking to move research results into the commercial marketplace. Support of the initiative is anticipated to be bolstered by funding from philanthropic donors.

Lee Huntsman, LSDF executive director, noted that although significant revenue to support the initiative might not be available for several years, the potential for substantial health and economic benefit to Washington through such an effort would be high. "We expect that this initiative, by promoting high quality research and development and translation through commercialization, will complement LSDF's mission and address additional areas such as facilities and investment capital needs."

Huntsman further remarked that the initiative's investments in Washington companies should help them to grow and thrive, thus stimulating life sciences-related employment statewide.

"Omeros is pleased to play a role in the formation of this initiative," stated Dr. Demopulos, chairman and chief executive officer of Omeros. "The leadership at LSDF and Omeros would like to thank Chris Rivera of the Washington Biotechnology and Biomedical Association and John Gardner of Washington State University for their efforts to help chart the mission of the initiative."

Funding for the grant to Omeros comes from Washington's allocation of payments under the Master Tobacco Settlement Agreement of 1998, revenues arising from multi-state litigation with tobacco product manufacturers. To date, 39 grants have been awarded through the tobacco settlement and/or donor contributions.


Contact: Cathyryne Manner
Life Sciences Discovery Fund

Related medicine news :

1. UCSF Chancellor inducted into Academy of Arts and Sciences
2. National Institute of General Medical Sciences chief wins prestigious public service award
3. Elsevier partners with Helinet to strengthen consortiums leadership in health sciences education
4. Microfluidics Expands Partnership with Particle Sciences to Include Continuous Crystallization Capabilities
5. Flagship Biosciences Partners with a Leading IHC CLIA Laboratory for Companion Diagnostics Service
6. Martek Biosciences Chief Scientific Officer, Dr. Norman Salem, 2010 Recipient of Alex Leaf Distinguished Scientist Award
7. Martek Biosciences and the National Center for Creative Aging Introduce New Brain Health Awareness Campaign, "Beautiful Minds: Finding Your Lifelong Potential"
8. Degrees in Nursing & Health Sciences Provide Job Opportunities In the Nation's Fastest Growing Industry
9. University of Washington Institute for Learning & Brain Sciences Launches Developing Mind Project
10. Digital Pathology Services Firm Flagship Biosciences Appoints New CEO
11. Life sciences research grants awarded through Inova Health System and George Mason University
Post Your Comments:
(Date:6/27/2016)... ... June 27, 2016 , ... The OSHA Training ... Institute Education Center headquartered in Northern California, has issued an important reminder to ... their worksites. Employers with workers exposed to high temperatures should establish a ...
(Date:6/27/2016)... ... June 27, 2016 , ... "FCPX editors can now reveal their media with ... X," said Christina Austin - CEO of Pixel Film Studios. , ProSlice Color ... users can now reveal the media of their split screens with growing colorful ...
(Date:6/27/2016)... ... June 27, 2016 , ... TherapySites, ... its affiliation with Tennessee Counseling Association. This new relationship allows TherapySites ... Tennessee Counseling Association, adding exclusive benefits and promotional offers. , "TCA is extremely ...
(Date:6/27/2016)... (PRWEB) , ... June 27, ... ... in the patient payment industry today announced its strategic partnership with Connance, ... system workflows. , The two companies’ proven, proprietary technology combine to provide ...
(Date:6/27/2016)... , ... June 27, 2016 , ... ... edge technology to revolutionize the emergency ambulance transport experience for the millions of ... of how Uber has disrupted the taxi industry through the use of technology. ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... One of Australia,s successful biotechnology scientists, Dr ... biotechnology company, Noxopharm Limited [ABN 50 608 966 123] ("Noxopharm"). Noxopharm ... on the ASX. Noxopharm is a clinic-ready company with ... 1 clinical study later this year. ... problems facing cancer patients - the ability of cancers to become ...
(Date:6/26/2016)... 2016 Jazz Pharmaceuticals plc (Nasdaq: ... Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR"), ... Inc. ("Celator"; Nasdaq: CPXX ) expired effective ... As previously announced on May 31, 2016, ... agreement under which Jazz Pharmaceuticals has commenced a tender ...
(Date:6/26/2016)... Ontario , June 27, 2016  VMS Rehab ... Company,s Board will take whatever measures required to build ... Company,s stock which is currently listed on the OTC ... Wexler, Company Chairman and CEO, "We are seeing an ... difficult to understand, not only by the Company, but ...
Breaking Medicine Technology: